122:16-1-06
Remedies.

(A)
In the event a taxpayer fails to retain the number of
full-time equivalent employees set forth in the tax credit agreement, or if the
authority finds that the taxpayer has failed to comply with any term or
condition of the tax credit agreement and such failure continues beyond any
applicable cure period, the authority may, after providing written notice,
unilaterally and prospectively reduce the percentage and/or term of the tax
credit or immediately terminate the tax credit set forth in the tax credit
agreement.

(B)
In the event a taxpayer relocates employment positions
in violation of division (E)(7) section
122.171 of the Revised Code and
the taxpayer has previously received tax credit certificates, the authority
may, after providing written notice, reduce the tax credit rate to preclude the
taxpayer from taking any further credits for the term of the tax credit. In the
event a taxpayer relocates such positions and has not previously received a tax
credit certificate, the authority may terminate the tax credit.

(C)
The
authority shall cause written notice to be given to the affected taxpayer of
any proposed action to reduce the percentage or term of the tax credit or to
terminate the tax credit agreement. Such notice shall be given at least thirty
days prior to the authority meeting at which the action is to be considered,
and such notice shall be effective if sent in accordance with the notice
requirements of the tax credit agreement.

(D)
The authority
shall specify in any action reducing the percentage or term of a tax credit or
terminating a tax credit agreement the taxable year for which the remedial
action shall first be effective.